Novagen Solar Inc. (referred to herein collectively
with its subsidiaries as Novagen and the Company), was incorporated in the State of Nevada, U.S.A.,
on June 22, 2005 under the name of Pickford Minerals, Inc. The Companys fiscal year end is December 31. On May 12, 2009,
the Company changed its name to Novagen Solar Inc. The Company was originally engaged in the exploration of mineral deposits in
Labrador, Newfoundland, but was unable to implement its exploration program. In April 2009, the Company began to pursue business
opportunities relating to photovoltaic solar energy.
On December 7, 2011, there was a change in control
of the Company when Twenty Second Trust, a trust organized under the laws of the State of Queensland, Australia acquired control
of the Company by purchasing 67% of the issued and outstanding shares of the Companys common stock from shareholders of
the Company. Following the change in control, the board of directors determined that the Company should expand its business to
include the development of environmentally sustainable energy solutions through innovative and eco-friendly products and technologies.
As part of the change in control and the incorporation
of the new Australian subsidiaries, the Company entered into a new development stage for accounting purposes effective from January
On January 3, 2012, the Company formed Novagen
Pty Ltd under the laws of Australia, as a wholly owned operating subsidiary. All of the Companys operations are currently
conducted through Novagen Pty Ltd. On January 17, 2012, the Company formed Novagen Productions Pty Ltd. under the laws of Australia,
as a wholly owned operating subsidiary. On March 2, 2012, the Company formed Novagen Finance Pty Ltd under the laws of Australia,
as a wholly owned non-operating subsidiary.
On June 25, 2012 the Company acquired Renegade
Streetwear Pty Ltd. (Renegade), under the laws of Australia as a wholly owned operating subsidiary. Prior to the
acquisition of Renegade Streetwear Pty Ltd the Company was a shell company.
Under Securities and Exchange Commission rules,
when a registrant succeeds to substantially all of the business of another entity and the registrants own operations before
the succession appear insignificant relative to the operations assumed or acquired, the registrant is required to present financial
information for the acquired entity (the Predecessor) for all comparable periods being presented before the acquisition.
We are therefore providing additional information
in our financial statements regarding the predecessor business for periods prior to June 25, 2012. Renegade Streetwear Pty Ltd
is considered the predecessor company. The financial information in this report that relates to the predecessor company is labeled
Predecessor Business in the financial statements.